Core Viewpoint - The successful listing of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. on the STAR Market is seen as a significant indicator of the vitality in the domestic computing power industry, particularly in the AI chip sector, with a remarkable opening price of 700 CNY per share, leading to a market capitalization exceeding 280 billion CNY [1][6]. Company Overview - Mu Xi Co. has established a comprehensive product system covering artificial intelligence computing, general computing, and graphics rendering within five years since its founding in 2020, launching key GPU products such as the "Xi Si" N series and "Xi Yun" C series [6]. - The flagship product, Xi Yun C600, supports full pre-training of 128B MOE large models, showcasing its technological capabilities [6]. Market Performance - The opening price of Mu Xi Co. significantly exceeded its issuance price, reflecting strong market confidence in the domestic GPU sector, with a notable increase of 560% from the opening price [1][2][7]. - The company achieved rapid revenue growth, with 2024 revenue reaching 743 million CNY, a substantial increase from 53 million CNY in 2023, and Q1 2025 revenue already at 320 million CNY [7]. Technological Competitiveness - Mu Xi Co. holds 245 domestic invention patents and has developed key technologies such as MetaXLink interconnect technology and MXMACA software stack, enhancing its competitive edge in the domestic chip market [6][7]. - The company's focus on independent research and development positions it favorably in the ongoing domestic substitution process within the semiconductor industry [6]. Industry Context - The shift in the semiconductor industry from "scale mergers" to "technological breakthroughs" has made companies with core R&D capabilities, like Mu Xi Co., the focal point of capital investment [7]. - The optimistic market outlook for the domestic AI chip industry is bolstered by government policies supporting computing power infrastructure development, indicating potential for further breakthroughs in the GPU sector [7].

Core Viewpoint - N Muxi-U has been listed today with an opening price of 700.00 yuan, marking an increase of 568.83%, the highest first-day opening increase among newly listed stocks in the past three months [1] Company Overview - The company specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and reasoning, general computing, and graphics rendering [1] - It also provides a software stack and computing platform supporting GPU chips [1] IPO Details - The total number of shares issued by the company is 40.10 million, with an online issuance of 9.67 million shares at a price of 104.66 yuan per share [1] - The effective number of online subscription accounts is 5.18 million, with a final winning rate of 0.03348913% [1] - The initial fundraising amount is 4.197 billion yuan, primarily directed towards the development and industrialization of new high-performance general-purpose GPUs and related projects [1]

Core Viewpoint - The article discusses the recent IPO of GPU manufacturer Muxi Co., Ltd. (688802.SH) on the STAR Market, highlighting its significant stock price surge and the financial performance of the company, which remains unprofitable despite substantial revenue growth [3][6]. Company Overview - Muxi Co., Ltd. is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company claims its GPU performance ranks among the top tier domestically, with cumulative sales exceeding 25,000 units [5]. IPO Details - Muxi's IPO price was set at 104.66 CNY per share, resulting in a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% on the opening day, reaching 699 CNY per share and a market cap of 279.7 billion CNY, allowing investors to gain approximately 297,000 CNY per share [3][4]. Financial Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, 743 million CNY in the first three months of 2024, and 320 million CNY in the first quarter of 2024. The net losses were 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY respectively, with cumulative losses exceeding 3.2 billion CNY from 2022 to 2024 [6]. - In the first half of 2024, Muxi's revenue reached 915 million CNY, a year-on-year increase of 404.51%, but it still reported a loss of 186 million CNY. The company expects revenues of 1.2 billion to 1.26 billion CNY for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million CNY [6]. Market Position and Competition - Muxi acknowledges that the domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. The company is in the process of scaling its sales for its AI inference GPU chip series, which is still in the early stages of market adoption [6][7]. - According to Bernstein Research, Muxi is projected to hold approximately 1% market share in the Chinese AI chip market by 2024, indicating a competitive landscape that is still evolving [7].

12月17日，"国产GPU第二股"沐曦股份登陆科创板，竞价高开568%，股价报700元，总市值达2801亿元，单签盈利近30万元。 根据公告，本次公开发行募集资金总额为41.97亿元，扣除发行费用2.98亿元（不含增值税）后，募集资金净额为38.99亿元，将用于投资新型高性能通用 GPU研发及产业化项目、新一代人工智能推理GPU研发及产业化项目，以及面向前沿领域及新兴应用场景的高性能GPU技术研发项目。 据悉，沐曦股份是国内高性能通用GPU产品的领军企业之一，致力于自主研发全栈高性能GPU芯片及计算平台，为人工智能计算、通用计算、图形渲染等 前沿领域提供高能效、高通用性的算力支撑。 目前，公司已形成较为完整的产品矩阵，包括面向智算推理场景的曦思N系列GPU、面向训推一体及通用计算的曦云C系列GPU，以及正在研发、布局图 形渲染领域的曦彩G系列GPU，产品体系已全面覆盖人工智能计算、通用计算和图形渲染三大核心方向。 沐曦股份此次发行价格为104.66元/股，对应发行后市值（本次发行价格乘以本次发行后总股数）为418.74亿元；发行价对应发行人2024年摊薄后静态市销 率为56.35倍，低于同行业可比公司平均水平 ...

沐曦股份的旗舰产品曦云C系列训推一体GPU芯片基于全自研的GPU IP、指令集和架构，在通用性、单卡性能、集群性能及稳定性、生态兼容与迁移效率等 方面均达到国内领先水平，具备较强的综合竞争力；截至2025年3月末，沐曦股份GPU产品累计销量超过25000颗，已在多个国家人工智能公共算力平台、运 营商智算平台和商业化智算中心实现规模化应用。 业绩方面，沐曦股份2024年营收达7.43亿元，但净亏损14.09亿元；2025年前三季度亏损收窄至3.46亿元（同比减亏55.79%）。公司预计最早2026年实现盈亏 平衡。 （文章来源：新华财经） 新华财经上海12月17日电（林郑宏） 12月17日，沐曦集成电路（上海）股份有限公司（688802.SH，以下简称"沐曦股份"）成功在上海证券交易所科创板上 市。本次发行募集资金人民币41.97亿元，华泰联合证券担任独家保荐人及主承销商。因尚未盈利，公司自上市日起纳入科创成长层。 沐曦股份开盘报700元/股，涨568.8%，总市值达2801亿元，较摩尔线程最新3300亿元总市值低约500亿元。若按开盘价计算，中一签可赚29.77万元。 中经社行业洞察产业服务数据平台（以下简称 ...

Core Viewpoint - The listing of Mu Xi Co., Ltd. on the STAR Market on December 17 has highlighted the strong market interest in domestic semiconductor companies, particularly in the GPU sector, with the stock opening at a 568.83% increase from its issue price, reflecting investor confidence in the self-controlled chip industry [1] Group 1: IPO Performance - Mu Xi Co., Ltd. issued shares at a price of 104.66 yuan per share, resulting in a market capitalization of approximately 41.87 billion yuan and a price-to-sales ratio of 56.35 times, which is significantly lower than its peer, Moore Threads, at 122.51 times [1] - The subscription rate for online investors was 0.03348913%, indicating that less than 4 out of every 10,000 applicants received shares, which is below the average of 0.04% for new STAR Market stocks in 2025 [1] - The company raised a net amount of approximately 3.90 billion yuan after deducting issuance costs, with strategic investors like the National Artificial Intelligence Industry Investment Fund and major companies such as China Telecom and JD.com participating in the subscription [1] Group 2: Financial Performance - Mu Xi Co., Ltd. has shown rapid revenue growth, with revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and projected revenues of 743 million yuan in 2024, resulting in a compound annual growth rate of 4,074.52% over the last three years [3] - Despite the revenue growth, the company remains unprofitable, with net losses of 777 million yuan in 2022, 871 million yuan in 2023, and 1.41 billion yuan in 2024, and a net loss of 233 million yuan in the first quarter of 2025 [3] Group 3: Fundraising and Project Focus - The company plans to raise a total of 4.197 billion yuan, which will be allocated to three major projects focused on technological innovation in the GPU sector, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [4] - The enthusiasm for the IPO is influenced by various factors, including the supply rhythm of IPOs and the fundamental performance of the company, which will be critical for sustaining valuation in the competitive domestic GPU market [4]

国产GPU资本盛宴迎第二波，沐曦股份今日正式在科创板上市，公司股价开盘大涨568.83%，开盘价高 达700元，较发行价104.66元暴涨568.83%，以开盘价计算，中签者单签浮盈29.77万元，公司最高市值 突破2800亿元。 年内第一"肉签"诞生，打新热度超过摩尔线程 沐曦股份此次发行价104.66元/股，为年内第二高发行价新股，仅次于摩尔线程的114.28元/股。按首日 最高价计算，中一签（500股）的投资者浮盈达29.77万元，成为年内第一赚钱新股（此前上市首日单日 盈利额最大的为摩尔线程，以当日收盘价计算，摩尔线程中一签可赚24.31万元，以当日最高价计算， 最高获利超过28.69万元）。 而沐曦股份的上市也改变了今年以来新股"肉签"的排名。按上市首日收盘价计算，截至12月16日，摩尔 线程、昂瑞微、影石创新分别以24.31万元、6.65万元、6.49万元，排在打新收益前三位，而沐曦股份以 开盘价格计算便已经可以排在第一。 总体而言，市场对沐曦股份也是热烈追捧。其热度甚至不亚于摩尔线程，沐曦股份网上发行最终中签率 为0.03348913%，低于摩尔线程的0.03635054%。 同时，沐曦股份的弃 ...

Core Viewpoint - The company Muxi Co., Ltd. has successfully launched its IPO on the A-share market, marking its position as the "second domestic GPU stock" in China, with significant initial trading gains and a strong market valuation [1] Group 1: Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, emphasizing self-innovation and a deep understanding of global industry trends [1] - The company has developed a comprehensive high-performance GPU product line and accumulated substantial core technologies, achieving rapid commercialization [1] Group 2: Product Development - The latest product from Muxi, the Xiyun C600 series, is expected to have performance levels between NVIDIA's A100 and H100, with risk mass production anticipated by the end of this year and formal mass production in the first half of 2026 [1] - The next-generation product, the Xiyun C700 series, will be developed based on domestic supply chains, with tape-out expected in the second half of 2026 [1] Group 3: Market Performance - Muxi's stock price surged by 568.83% during the early trading session, reaching 700 yuan, resulting in a profit of nearly 300,000 yuan for investors who received a single allotment [1] - As of the latest update, Muxi's market capitalization has exceeded 2760.8 billion yuan [1] Group 4: IPO Subscription Details - The online issuance of Muxi shares saw effective subscription from 5.1752 million accounts, with a total of 28.862 billion shares applied for [2] - The initial winning rate was 0.02223023%, which increased to 0.03348913% after the activation of the回拨机制 (reallocation mechanism), both rates being lower than that of a competitor, Moer Thread [2]

Core Viewpoint - Muxi Co., Ltd. has become the most profitable new stock since the full registration system in A-shares, with a significant opening price increase of 568% and a market capitalization of 280 billion yuan, resulting in a single signing profit of nearly 300,000 yuan [1]. Group 1: Company Performance - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, with key products including the Xisi N series GPU for intelligent computing inference and the Xiyun C series GPU for training and general computing [2]. - The latest product, the Xiyun C600 series, has performance between NVIDIA's A100 and H100, achieving a closed-loop domestic supply chain from chip design to packaging and testing, with risk mass production expected by the end of this year and formal mass production in the first half of next year [2]. - As of March 2025, Muxi Co., Ltd. has sold over 25,000 GPU products, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Group 2: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for the years 2022 to 2024, with a compound annual growth rate of 4,074.52% over the last three years [3]. - In the first three quarters of this year, the company's revenue grew by 453.52% year-on-year, reaching 1.236 billion yuan [3]. - The company anticipates reaching breakeven by 2026 based on forward-looking estimates [3]. Group 3: Market Position - Muxi Co., Ltd. has become a leading player in the domestic high-performance general GPU market, benefiting from the support of AMD's technology and the ongoing trend of domestic substitution [3].

Core Viewpoint - The company Muxi Co., Ltd. (688802.SH) successfully listed on the STAR Market on December 17, with an initial offering price of 104.66 yuan per share, resulting in a market capitalization of 41.874 billion yuan. The stock price surged by 567.88% on the first day, reaching 699 yuan per share and a market cap of 279.7 billion yuan, providing investors with a profit of 297,000 yuan per share [1] Company Overview - Muxi is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company's GPU performance is claimed to be among the top tier domestically, with cumulative sales exceeding 25,000 units [2][3] Financial Performance - Muxi has not yet achieved profitability, reporting revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in the first three months of 2024, and 320 million yuan in the first quarter of 2024. The net losses for the same periods were -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, totaling over 3.2 billion yuan in cumulative losses from 2022 to 2024 [4] - In the first half of this year, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, with a loss of 186 million yuan. The company expects revenues of 1.2 billion to 1.26 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 437.36% to 464.23%, with losses projected between 300 million and 380 million yuan [4] Market Position and Competition - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's products, such as the Xisi N100 series, are still in the early stages of market adoption. The company anticipates reaching a breakeven point no earlier than 2026 [4] - The competitive landscape in the domestic AI chip market is intensifying, with Muxi estimating a market share of approximately 1% in 2024 based on sales figures and IDC data [5]